YEREVAN (CoinChapter.com) — Main cryptocurrencies like Ether (ETH), Solana (SOL), and XRP recorded minor losses previously 24 hours, regardless of displaying energy over the weekend. In the meantime, AI-related tokens similar to Synthetic Superintelligence Alliance’s FET and Bittensor’s TAO led market good points forward of Nvidia’s upcoming earnings report.
AI Tokens Acquire as Nvidia Earnings Strategy
FET rose by 11.47% within the final 24 hours to $1.39, whereas TAO gained 5.29% to succeed in $348.72. Traders have been specializing in AI tokens forward of Nvidia’s earnings. Nvidia’s monetary efficiency has traditionally influenced the AI token area, resulting in optimistic market reactions. Analysts predict Nvidia’s earnings per share (EPS) to succeed in 65 cents, a 141% enhance from the earlier yr, with income anticipated to hit $28.72 billion, up 113%. This may mark Nvidia’s fifth consecutive quarter of triple-digit progress.
Bitcoin Slips Beneath $64K Regardless of Weekend Rally, Market Sees Minor Corrections
Bitcoin (BTC) fell beneath $64,000 throughout Asian buying and selling hours on Monday after gaining 5% on Friday. The rise adopted feedback from Federal Reserve Chairman Jerome Powell on the Jackson Gap Symposium, the place he talked about a financial easing cycle beginning subsequent month.
In the meanwhile of writing, Bitcoin (BTC) is priced at $63,904.58, reflecting a 9.80% enhance over the previous 7 days. The market capitalization stands at $1,261,818,992,893, with a 24-hour buying and selling quantity of $21,300,661,492.
Regardless of the weekend rally, Bitcoin and different main tokens like Ether (ETH), Solana (SOL), and XRP skilled minor corrections. Ether stayed simply above $2,700, Solana traded at $158, and XRP held at 58 cents.
Crypto Market Replace: TRX Soars Amid Memecoin Demand, Merchants Eye Nvidia Earnings
The broader crypto market remained flat, dropping 0.44%. Merchants count on the rally to proceed within the coming months. Lucy Hu, senior analyst at Metalpha, stated in a Telegram message that the market is shifting focus from inflation to the labor market and the Fed’s skill to ship a tender touchdown for the U.S. economic system. Hu additionally talked about the potential for crypto-friendly insurance policies if Donald Trump wins the U.S. presidential election.
Tron’s TRX surged by 17.96% over the previous 7 days to succeed in $0.1648, pushed by ongoing demand for memecoins. Regardless of a slight 0.36% lower in market cap, now standing at $14,313,693,628, and a 12.13% drop in 24-hour buying and selling quantity to $791,312,348, TRX continues to profit from elevated curiosity in memecoins, including one other dynamic to the market.
Nvidia’s earnings report, scheduled for August 28, may considerably affect AI-related tokens.